Bay City FHA Loan Rates, Closing Costs & Stats

BAY CITY, MI

FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

For additional requirements as defined by the FHA, click here.

Bay City's 52 lenders originated 339 FHA loans during 2022. The total origination value was $39,705,000, with an average FHA loan value of $117,124.

Bay City FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Bay City averaged -0.16% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Bay City's average FHA mortgage closing costs are $4,907.

The average rate for the prior week (2024-02-16) was 6.78% and one month ago for the week of 2024-01-19, the average rate was 6.52%.

The average rate one year ago was 6.28%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.31%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Bay City FHA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Bay City level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
ACADEMY MORTGAGE CORPORATION 66 5.47% $6,302
QUICKEN LOANS, LLC 53 4.97% $6,028
UNITED WHOLESALE MORTGAGE, LLC 27 5.36% $7,140
ENVOY MORTGAGE, LTD 14 4.87% $5,874
CARDINAL FINANCIAL 13 5.37% $6,585
The Huntington National Bank 12 5.11% $4,967
MICHIGAN MUTUAL, INC. 12 5.50% $7,064
J. VIRGIL, INC. 11 5.30% $6,243
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 5.46% $4,492
LEGEND LENDING CORPORATION 5 5.65% $3,885
Independent Bank 5 5.70% $5,469
BROKER SOLUTIONS, INC. 4 4.99% $6,291
LAKE MICHIGAN CREDIT UNION 4 5.09% $6,279
Carrington Mortgage Services, LLC 4 5.28% $5,701
MID AMERICA MORTGAGE, INC. 4 5.28% $4,285
CALIBER HOME LOANS, INC. 3 4.75% $6,201
PENNYMAC LOAN SERVICES, LLC 3 3.63% $2,967
NEWREZ LLC 3 5.00% $5,410
Mortgage Research Center, LLC 2 6.06% $3,733
Equity Prime Mortgage LLC 2 6.63% $9,246
EVERETT FINANCIAL, INC. 2 4.25% $5,189
FREEDOM MORTGAGE CORPORATION 2 5.06% $6,877
GENEVA FINANCIAL, LLC 2 5.94% $8,404
MORTGAGE 1 INCORPORATED 2 5.43% $5,785
ROSS MORTGAGE CORPORATION 2 6.13% $2,592
STAUNTON FINANCIAL, INC. 2 5.75% $5,831
SUCCESS MORTGAGE PARTNERS, INC. 2 6.00% $4,217
LOANDEPOT.COM, LLC 1 6.50% $7,485
Mercantile Bank of Michigan 1 5.75% $4,434
Flagstar Bank, FSB 1 5.13% $2,980
Fifth Third Bank 1 3.75% $5,525
TOWNE MORTGAGE COMPANY 1 4.38% $3,913
Dort Financial Credit Union 1 3.88% $3,994
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.25% $6,525
CROSSCOUNTRY MORTGAGE, LLC 1 6.25% $6,449
NORTHERN MORTGAGE SERVICES, LLC 1 4.63% $2,907
Citizens Bank 1 6.75% $3,955
PLAZA HOME MORTGAGE, INC. 1 5.63% $10,150
Preston Home Loans Inc 1 5.75% $4,178
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 4.25% $4,100
Bank of England 1 5.75% $6,682
RELIANCE FIRST CAPITAL, LLC 1 4.88% $8,884
UNION HOME MORTGAGE CORP. 1 6.25% $6,372
ROYAL UNITED MORTGAGE LLC 1 6.13% $8,476
RUOFF MORTGAGE COMPANY, INC. 1 5.63% $16,455
AMERIFIRST FINANCIAL CORPORATION 1 5.38% $8,356
VILLAGE CAPITAL MORTGAGE 1 3.50% $700
AMERISAVE MORTGAGE CORPORATION 1 4.75% $7,887
JPMorgan Chase Bank 1 4.25% $2,411
Home State Bank 1 6.75% $6,242
LAKEVIEW LOAN SERVICING, LLC 1 4.25% $9,777
HOMESIDE FINANCIAL, LLC 1 5.62% $6,518

The top Bay City FHA lender as defined by loan originations is ACADEMY MORTGAGE CORPORATION, with 66 FHA loans originated. Their average total fees are $6,302, which is $274 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Bay City FHA lenders (with over 10 loans originated) are The Huntington National Bank ($4,967), ENVOY MORTGAGE, LTD ($5,874), QUICKEN LOANS, LLC ($6,028), J. VIRGIL, INC. ($6,243) and ACADEMY MORTGAGE CORPORATION ($6,302).

The lowest rate Bay City FHA lenders (with over 10 loans originated) are ENVOY MORTGAGE, LTD (4.87%), QUICKEN LOANS, LLC (4.97%), The Huntington National Bank (5.11%), J. VIRGIL, INC. (5.30%) and UNITED WHOLESALE MORTGAGE, LLC (5.36%).

Bay City FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
BAY CITY, MI BAY 2022 $420,680 $538,650 $651,050 $809,150
BAY CITY, MI BAY 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Bay City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $87,850 (3.5%) $118,872 (4.2%) 0.00 333
2018-02-01 $88,800 (4.0%) $124,293 (5.5%) 0.00 327
2018-03-01 $89,900 (4.3%) $128,418 (4.5%) 0.00 302
2018-04-01 $95,850 (6.6%) $137,364 (6.3%) 0.00 279
2018-05-01 $97,350 (2.5%) $135,241 (1.9%) 0.00 286
2018-06-01 $98,950 (10.1%) $136,047 (7.7%) 0.00 390
2018-07-01 $99,900 (13.0%) $146,147 (20.6%) 0.00 387
2018-08-01 $107,000 (22.7%) $149,864 (24.3%) 0.00 388
2018-09-01 $109,900 (27.9%) $150,976 (26.8%) 0.00 391
2018-10-01 $108,000 (24.6%) $145,219 (21.1%) 0.00 384
2018-11-01 $105,575 (19.1%) $144,487 (21.7%) 0.00 375
2018-12-01 $96,400 (7.2%) $142,129 (18.8%) 0.00 369
2019-01-01 $94,800 (7.9%) $141,432 (19.0%) 0.00 348
2019-02-01 $89,900 (1.2%) $141,547 (13.9%) 0.00 312
2019-03-01 $93,457 (4.0%) $243,923 (89.9%) 0.00 292
2019-04-01 $98,350 (2.6%) $246,983 (79.8%) 0.00 281
2019-05-01 $102,400 (5.2%) $150,654 (11.4%) 0.00 297
2019-06-01 $119,450 (20.7%) $163,601 (20.3%) 0.00 317
2019-07-01 $115,400 (15.5%) $158,067 (8.2%) 0.00 330
2019-08-01 $116,445 (8.8%) $160,240 (6.9%) 0.00 349
2019-09-01 $117,264 (6.7%) $160,799 (6.5%) 0.00 365
2019-10-01 $114,334 (5.9%) $160,594 (10.6%) 0.00 383
2019-11-01 $99,900 (-5.4%) $155,554 (7.7%) 0.00 366
2019-12-01 $94,900 (-1.6%) $150,448 (5.9%) 0.00 319
2020-01-01 $88,275 (-6.9%) $143,454 (1.4%) 0.00 277
2020-02-01 $89,900 (0.0%) $152,713 (7.9%) 0.00 265
2020-03-01 $93,475 (0.0%) $155,537 (-36.2%) 0.00 248
2020-04-01 $94,950 (-3.5%) $155,074 (-37.2%) 0.00 216
2020-05-01 $99,900 (-2.4%) $156,472 (3.9%) 0.00 199
2020-06-01 $117,100 (-2.0%) $167,798 (2.6%) 0.00 188
2020-07-01 $110,225 (-4.5%) $172,528 (9.2%) 0.00 164
2020-08-01 $115,900 (-0.5%) $942,848 (488.4%) 0.00 152
2020-09-01 $112,625 (-4.0%) $176,584 (9.8%) 0.00 139
2020-10-01 $109,900 (-3.9%) $160,416 (-0.1%) 0.00 134
2020-11-01 $123,650 (23.8%) $159,572 (2.6%) 0.00 123
2020-12-01 $127,425 (34.3%) $166,159 (10.4%) 0.00 114
2021-01-01 $129,900 (47.2%) $173,595 (21.0%) 0.00 110
2021-02-01 $126,650 (40.9%) $169,815 (11.2%) 0.00 92
2021-03-01 $106,225 (13.6%) $180,650 (16.2%) 0.00 82
2021-04-01 $161,950 (70.6%) $205,368 (32.4%) 0.00 70
2021-05-01 $149,900 (50.1%) $195,317 (24.8%) 0.00 85
2021-06-01 $141,175 (20.6%) $205,632 (22.6%) 0.00 120
2021-07-01 $146,400 (32.8%) $206,550 (19.7%) 0.00 149
2021-08-01 $137,475 (18.6%) $191,196 (-79.7%) 0.00 169
2021-09-01 $128,400 (14.0%) $186,384 (5.6%) 0.00 175
2021-10-01 $124,900 (13.7%) $188,410 (17.5%) 0.00 179
2021-11-01 $121,075 (-2.1%) $175,098 (9.7%) 0.00 157
2021-12-01 $107,350 (-15.8%) $170,322 (2.5%) 0.00 146
2022-01-01 $103,500 (-20.3%) $169,917 (-2.1%) 0.00 117
2022-02-01 $119,700 (-5.5%) $186,640 (9.9%) 0.00 100
2022-03-01 $129,300 (21.7%) $191,254 (5.9%) 0.00 76
2022-04-01 $149,900 (-7.4%) $205,438 (0.0%) 0.00 75
2022-05-01 $152,725 (1.9%) $213,624 (9.4%) 0.00 95
2022-06-01 $151,225 (7.1%) $197,918 (-3.8%) 0.00 119
2022-07-01 $169,900 (16.1%) $222,625 (7.8%) 0.00 139
2022-08-01 $174,950 (27.3%) $226,089 (18.3%) 0.00 141
2022-09-01 $180,500 (40.6%) $215,421 (15.6%) 0.00 132
2022-10-01 $178,700 (43.1%) $215,677 (14.5%) 0.00 137
2022-11-01 $165,225 (36.5%) $199,913 (14.2%) 0.00 134
2022-12-01 $159,900 (49.0%) $203,128 (19.3%) 0.00 127
2023-01-01 $152,400 (47.3%) $200,700 (18.1%) 0.00 111
2023-02-01 $178,500 (49.1%) $224,151 (20.1%) 0.00 92
2023-03-01 $208,650 (61.4%) $242,878 (27.0%) 0.00 75
2023-04-01 $177,500 (18.4%) $243,777 (18.7%) 0.00 68
2023-05-01 $171,950 (12.6%) $230,327 (7.8%) 0.00 73
2023-06-01 $177,450 (17.3%) $223,834 (13.1%) 0.00 88
2023-07-01 $182,400 (7.4%) $222,773 (0.1%) 0.00 96
2023-08-01 $179,175 (2.4%) $224,385 (-0.8%) 0.00 100
2023-09-01 $172,400 (-4.5%) $231,585 (7.5%) 0.00 106
2023-10-01 $157,450 (-11.9%) $218,460 (1.3%) 0.00 129
2023-11-01 $154,900 (-6.3%) $213,245 (6.7%) 0.00 152
2023-12-01 $155,000 (-3.1%) $208,100 (2.5%) 0.00 142
Bay City's median listing price for 2023-12-01 was $155,000, a difference of $-4,900 (-3.1%) versus the prior year and $100 versus the prior month.

Bay City's median listing price comes in at 0% of the national average.

Bay City's average listing price for 2023-12-01 was $208,100, a difference of $4,972 (2.5%) versus the prior year and $-5,145 versus the prior month.

For the 2023-12-01 period, Bay City had 142 MLS listings, a difference of -10 listings (-7%) versus the prior month and 15 listings (12%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Bay City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,380 sqft
2018-02-01 0 days 1,367 sqft
2018-03-01 0 days 1,373 sqft
2018-04-01 0 days 1,386 sqft
2018-05-01 0 days 1,386 sqft
2018-06-01 0 days 1,387 sqft
2018-07-01 0 days 1,400 sqft
2018-08-01 0 days 1,424 sqft
2018-09-01 0 days 1,448 sqft
2018-10-01 0 days 1,454 sqft
2018-11-01 0 days 1,442 sqft
2018-12-01 0 days 1,396 sqft
2019-01-01 0 days 1,402 sqft
2019-02-01 0 days 1,391 sqft
2019-03-01 0 days 1,386 sqft
2019-04-01 0 days 1,418 sqft
2019-05-01 0 days 1,454 sqft
2019-06-01 0 days 1,477 sqft
2019-07-01 0 days 1,471 sqft
2019-08-01 0 days 1,509 sqft
2019-09-01 0 days 1,487 sqft
2019-10-01 0 days 1,467 sqft
2019-11-01 0 days 1,452 sqft
2019-12-01 0 days 1,402 sqft
2020-01-01 0 days 1,361 sqft
2020-02-01 0 days 1,362 sqft
2020-03-01 0 days 1,400 sqft
2020-04-01 0 days 1,367 sqft
2020-05-01 0 days 1,403 sqft
2020-06-01 0 days 1,535 sqft
2020-07-01 0 days 1,531 sqft
2020-08-01 0 days 1,566 sqft
2020-09-01 0 days 1,497 sqft
2020-10-01 0 days 1,483 sqft
2020-11-01 0 days 1,474 sqft
2020-12-01 0 days 1,426 sqft
2021-01-01 0 days 1,480 sqft
2021-02-01 0 days 1,402 sqft
2021-03-01 0 days 1,378 sqft
2021-04-01 0 days 1,546 sqft
2021-05-01 0 days 1,480 sqft
2021-06-01 0 days 1,460 sqft
2021-07-01 0 days 1,500 sqft
2021-08-01 0 days 1,489 sqft
2021-09-01 0 days 1,475 sqft
2021-10-01 0 days 1,497 sqft
2021-11-01 0 days 1,500 sqft
2021-12-01 0 days 1,473 sqft
2022-01-01 0 days 1,491 sqft
2022-02-01 0 days 1,419 sqft
2022-03-01 0 days 1,413 sqft
2022-04-01 0 days 1,461 sqft
2022-05-01 0 days 1,527 sqft
2022-06-01 0 days 1,466 sqft
2022-07-01 0 days 1,496 sqft
2022-08-01 0 days 1,515 sqft
2022-09-01 0 days 1,519 sqft
2022-10-01 0 days 1,557 sqft
2022-11-01 0 days 1,526 sqft
2022-12-01 0 days 1,546 sqft
2023-01-01 0 days 1,454 sqft
2023-02-01 0 days 1,500 sqft
2023-03-01 0 days 1,545 sqft
2023-04-01 0 days 1,546 sqft
2023-05-01 0 days 1,545 sqft
2023-06-01 0 days 1,546 sqft
2023-07-01 0 days 1,452 sqft
2023-08-01 0 days 1,507 sqft
2023-09-01 0 days 1,458 sqft
2023-10-01 0 days 1,443 sqft
2023-11-01 0 days 1,506 sqft
2023-12-01 0 days 1,456 sqft
Bay City's median listing age (time on market) for 2023-12-01 was 0 days.

Bay City's median square footage for active listings during the 2023-12-01 period was 1,456 sqft. One year prior, the average listing was 1,546 sqft.

FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).